The National Insurance Commission (NAICOM) has officially confirmed that 43 insurance and reinsurance companies have satisfied the new minimum capital requirements introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, bringing a year-long recapitalisation exercise to a close.
The exercise attracted more than N300 billion in fresh capital, significantly improving the financial capacity of insurers and positioning the sector to underwrite larger and more complex risks. Announcing the outcome over the weekend, NAICOM disclosed that the approved firms comprise 23 non-life insurers, 10 life insurers, eight composite insurers and two reinsurance companies.
Eight Companies Still Under Verification
BusinessDay reported that NAICOM said the successful completion of the recapitalisation marks a major milestone in the transformation of Nigeria's insurance sector and lays the foundation for a stronger, more resilient and policyholder-focused industry. However, the commission noted that eight additional insurance companies submitted evidence of compliance just before the deadline and are currently undergoing final verification, with the review expected to be completed within 14 days.
Commissioner Calls Exercise a Defining Moment
Daily Sun reported that the Commissioner for Insurance, Olusegun Ayo Omosehin, described the exercise as a defining moment for the industry. He explained that the recapitalisation was implemented under Section 15 of NIIRA 2025, which was signed into law by President Bola Ahmed Tinubu on July 31, 2025, as part of the Federal Government's broader financial sector reforms.
According to Omosehin, these reforms are designed to support Nigeria's ambition of becoming a $1 trillion economy by 2030. Stronger capitalisation will enable insurers to improve risk underwriting, honour policyholder claims more efficiently, mobilise long-term investment capital and contribute more meaningfully to economic growth and financial stability.
List of Approved Insurance Companies
NAICOM published the full list of approved operators, broken down by category.
Composite Insurers
- Leadway Assurance
- AIICO Insurance
- Cornerstone Insurance
- AXA Mansard Insurance
- LASACO Assurance
- Fortis Global Insurance
- Industrial and General Insurance
- Great Nigeria Insurance
Non-Life Insurers
- Zenith General Insurance
- Custodian and Allied Insurance
- NEM Insurance
- Heirs General Insurance
- Fin Insurance
- Mutual Benefits Assurance
- Tangerine General Insurance
- Capital Express Indemnity Insurance
- Sanlam-Allianz General Insurance Nigeria
- Consolidated Hallmark Insurance
- Sterling Assurance Nigeria
- Unitrust Insurance
- NSIA Insurance
- Rex Insurance
- Linkage Assurance
- Anchor Insurance
- SunuAssurances Nigeria
- KBL Insurance
- International Energy Insurance
- Veritas Kapital Assurance
- NPF Insurance
- Coronation Insurance
- Prestige Assurance
Life Insurers
- Custodian Life Assurance
- CHI Life Assurance
- Heirs Life Assurance
- Prudential Zenith Life Insurance
- Stanbic IBTC Insurance
- Sanlam-Allianz Life Insurance Nigeria
- Capital Express Life Assurance
- Mutual Benefits Life Assurance
- Enterprise Life Assurance Company (Nigeria)
- Coronation Life Assurance
Reinsurance Companies
- Continental Reinsurance
- FBS Reinsurance
Investor Confidence Strengthened
NAICOM said the recapitalisation exercise has significantly improved the financial resilience of insurance operators while attracting substantial domestic and foreign investment into the industry.
The commission explained that the higher capital base will enable insurers to absorb emerging risks, finance major infrastructure projects, support long-term investments and compete more effectively in regional and international markets. It also noted that the stronger capital position provides a solid foundation for implementing its Risk-Based Capital Framework, ensuring regulatory requirements remain aligned with the size and complexity of each operator.
NAICOM Reassures Policyholders
The commission assured policyholders, investors and other stakeholders that it will continue strengthening consumer protection, improving market conduct and accelerating insurance access through innovation, technology and digital transformation.
NAICOM added that it will provide regular updates on companies still undergoing verification, post-recapitalisation supervisory actions and other reforms designed to deepen public confidence in Nigeria's insurance industry. According to the regulator, the successful completion of the recapitalisation exercise is not the end of the reform process but the beginning of a new era built on stronger institutions, better governance and a more competitive insurance market capable of delivering greater value to Nigerians.
NDIC Starts Paying Depositors of Failed Banks
In a related development, the Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of insured deposits to customers of 46 microfinance banks whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
NDIC Managing Director and Chief Executive, Mr Thompson Sunday, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting. He assured depositors that the corporation had already begun reimbursing eligible customers through an automated payment process using the Nigeria Inter-Bank Settlement System (NIBSS) and customers' Bank Verification Numbers (BVNs).
